Apparel Online Bangladesh Magazine Magazine March 2018 | Page 72
RETAIL CURRENT
TO ADVERTISE GOING TO A GOOD EVENT?
Contact Rani Mahendru
+91-11-47390000 (512)
[email protected] Send your industry gossip,
photos and news to
[email protected]
Levis Strauss reports 13% growth in Q4
FY 2017 revenue
Levi Strauss & Co., one of the
world’s largest apparel companies
and a global leader in jeanswear,
has reported growth in its
revenues as it releases financial
results for the fourth quarter and
full year 2017.
The denim brand witnessed a
13 per cent increase in its net
revenue to US $ 1,466 million during
the fourth quarter. Its full-year
revenue increased by 8 per cent
to US $ 4,904 million.
The quarter and the full year also
recorded a 20 per cent and 15 per
cent growth in direct-to-consumer
revenues, respectively. Further, net
income zoomed 20 per cent to US
$ 116 million during the reporting
quarter. Operating income for the
full year remained US $ 467 million
as against US $ 462 million in the
prior year.
However, the apparel retailer
noted a 3 per cent decline in net
income for full-year to US $ 281
million. A US $ 23 million loss
on early extinguishment of debt
resulted in the drop in income.
Region-wise, Levi’s Americas’
net revenue grew by 7 per cent
due to the strong performance
in wholesale and direct-to-
consumer channels in the US,
Canada and Mexico markets. Its
Asia revenue soared by 13 per
cent during the fourth quarter
of the year. Interestingly, the
company opened 53 new stores
in fiscal 2017. According to Chip
Bergh, President and CEO of
Levi’s, the momentum garnered
during the fourth quarter has
made fiscal 2017 the strongest
revenue year for the company
in more than a decade. “Right
policies and investment made to
expand our businesses yielded
the desired results for us,”
he concluded.
Lululemon Athletica's CEO Laurent Potdevin
resigns over ‘misconduct'
Laurent Potdevin, Chief Executive
Officer of Lululemon Athletica Inc.,
an American yoga-inspired apparel
athletic company that makes
performance shirts, shorts, pants,
lifestyle clothing, has resigned
from his post with immediate
effect. Potdevin will no longer be a
member of the company’s Board of
Directors as well. He was appointed
to the Board in December 2013.
Reasons for his resignation are
not yet known but media reports
claim that an internal issue has
led to his resignation. Also, there
was a series of incidents that
breached the company’s code of
conduct. “The Board is responsible
72 Apparel Online Bangladesh | MARCH 2018 | www.apparelresources.com
for protecting the organization’s
culture as it is at the core of
Lululemon,” said Glenn Murphy,
Executive Chairman of Board. In a
press statement issued, Lululemon
Athletica mentioned that it expects
all its workers to demonstrate
the highest levels of integrity and
respect for each other, and Potdevin
failed to do so. As per the ‘parting’
agreement inked between the
company and Potdevin, the latter
will get US $ 3.35 million in cash
and further US $ 1.65 million on
monthly basis over the next 18
months. A hunt to look for a new
highly-experienced global CEO has
now been kicked off by the retailer.